What are estimated liabilities? Cite at least two examples
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What are estimated liabilities? Cite at least two examples and explain why they are classified as estimated liabilities.
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What are estimated liabilities? Cite at least two examples and explain why they are classified as estimated liabilities.
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What are estimated liabilities? Cite at least two examples and explain why they are classified as estimated liabilities.
Solution:
Estimated liabilities occur when the business knows that a liability will be incurred in the near future, but the exact amount of the liability cannot yet be determined. Management uses past history and gained knowledge regarding the current situation to ...
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